Important IRS updates
The attachment provides short descriptions on various tax related announcements that are relevant to small businesses. If you want to learn more about a particular topic,
2011 January IRS News
2011 February IRS News
2011 March IRS News
Did you know...If you are a business with employees:
- The 2010 rate for FICA was 7.65% withheld from employee's pay, and 7.65% paid in by the employer.
- The 2011 rate for FICA will be 5.65% withheld from employee's pay, and 7.65% paid in by the employer.
- The IRS recognizes that the late enactment of these changes makes it difficult for many employers to quickly update their withholding systems. For that reason, the agency asks employers to adjust their payroll systems as soon as possible, but not later than Jan. 31, 2011.
- For any Social Security tax over withheld during January, employers should make an offsetting adjustment in workers’ pay as soon as possible but not later than March 31, 2011.